AI Unlocks Growth in Manufacturing in 2024

February 19, 2024

Siemens and Microsoft have partnered to assist manufacturers in adopting artificial intelligence (AI) technologies that are expected to boost efficiency, reduce expenses, and enhance quality control in the manufacturing industry. The partnership focuses on creating AI co-pilots that can work alongside human operators to enhance productivity and safety. According to a recent report by MarketsandMarkets, the global AI in manufacturing market is projected to rise at a compound annual growth rate (CAGR) of 45.6% until 2028, reaching $20.8 billion. The report also highlights prominent players in the market, such as IBM, Siemens, and Microsoft. Growth drivers for the market include the increasing demand for automation in manufacturing processes, while the high cost of implementing AI technologies is a restraint.

Apart from the Siemens-Microsoft partnership, Jensen Huang, CEO of NVIDIA, has suggested that Malaysia could become a hub for artificial intelligence manufacturing as Southeast Asia expands its data centers, citing the growing data center infrastructure and skilled workforce in the region. The adoption of AI in manufacturing is expected to transform the industry by enhancing efficiency, reducing expenses, and improving quality control. The development of AI co-pilots that can work alongside human operators is a significant stride toward achieving this objective. The global AI in manufacturing market is expected to grow at a CAGR of 57.2% from 2021 to 2026, with IBM, Siemens, and Microsoft being the most prominent players in the market. The high cost of implementing AI technologies is a significant restraint for the market, but the increasing demand for automation in manufacturing processes is a significant growth factor. The expansion of data centers in Southeast Asia, particularly in Malaysia, is expected to drive the growth of AI manufacturing in the region.

Siemens press release: https://press.siemens.com/global/en/pressrelease/siemens-and-microsoft-partner-drive-cross-industry-ai-adoption

 

MarketsandMarkets Industry News Desk

Editor's Pick

Information and Communication Technology

Apple Vision Pro China Launch Confirmed
April 2, 2024

Information and Communication Technology

Insurtech Funding News - Coverdash raises USD 13.5 Million
April 2, 2024

PODCASTS

Sustainable Digital Transformation & Industry 4.0

Sustainable Digital Transformation & Industry 4.0

Sanjay Kaul, President-Asia Pacific & Japan, Cisco, and host Aashish Mehra, Chief Research Officer, MarketsandMarkets, in conversation on unraveling 'Sustainable Digital Transformation and Industry 4.0'

11 July 2023|S2E12|Listen Now

Future of Utilities with Thomas Birr from E.ON

Generative AI

Prasad Joshi, Senior Vice President-Emerging Technology Solutions, Infosys, and host, Vinod Chikkareddy, CCO, MarketsandMarkets, in exploring the recent advances in AI and the generative AI space.

7 Nov 2023|S2E13|Listen Now

Artificial Intelligence Manufacturing Market

$3.2 BN
2023
$20.8 BN
2028

Download Whitepaper

The adoption of AI in manufacturing is expected to transform the industry by enhancing efficiency, reducing expenses, and improving quality control.

The expansion of data centers in Southeast Asia, particularly in Malaysia, is expected to drive the growth of AI manufacturing in the region.

STAY TUNED

GET EMAIL ALERT
Subscribe Email

Follow IndustryNews by MarketsandMarkets

DMCA.com Protection Status